Prime Minister Narendra Modi presented certificates to vendors who received their third loan under the PM SVANidhi (Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi) Scheme during a program in Varanasi. Find out more about this scheme and how you can benefit from it…
What is PM SVANidhi Scheme?
The PM SVANidhi Scheme was initiated by Prime Minister Narendra Modi to support street vendors who lost their livelihoods during the COVID-19 pandemic. Under this scheme, individuals can avail a maximum loan of Rs. 50,000. The government provides subsidies, but they are not available during the first loan cycle. Initially, a loan of Rs. 10,000 is granted for starting a business, which needs to be repaid. After that, a second loan of Rs. 20,000 and a third loan of Rs. 50,000 can be obtained.
Who is eligible for the scheme?
Street vendors such as fruit and vegetable sellers, tea vendors, washermen, hawkers, cobblers, and street food vendors can benefit from the PM SVANidhi Scheme. While no collateral is required for the loan, having an Aadhaar card is mandatory.
Key Features of the Scheme
One of the significant aspects of this scheme is that no guarantee is needed for the loan. However, it is essential to have an Aadhaar card linked to a mobile number. Once you fulfill these requirements, you can apply at any government bank.
How to avail the scheme?
To benefit from this scheme, you can apply at any government bank. After the loan application is approved, the amount is transferred to your account. As per the information available on the PM SVANidhi Scheme’s website, 47.31 lakh people have applied for the scheme, and 37.06 lakh people have been granted loans.